An intermediate bearing assembly that is mountable on a pedestal of a marine vessel that incorporates an integrated alignment system. In particular, the bearing assembly includes a housing for receiving a portion of a shaft; and a lifting and lowering system attached between the housing and the pedestal for providing a concentrated applied force at approximately the center vertical axis of the housing. The lifting and lowering system includes four hydraulic jacks located equidistant from the center vertical axis of the housing. Hydraulic pressure is related through the area of the jack cylinders to radial force. As a result, when a predetermined jacking force is achieved, the correct radial force loading on the bearing is attained. Each of the jacks is free to seek a position of extension independent of the others. The jacks are then locked into a secure hold position to maintain the shaft in alignment. If at any time during the vessels duty the shaft becomes misaligned the jacks are unlocked and hydraulic pressure is either reduced or increased to level the shaft and the jacks are then locked into the new holding position. This operation can be repeated as many times as required during the vessel's life without the cost of expensive traditional chocking procedures.